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Loan for land

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  • 30-03-2018 11:02pm
    #1
    brianb243
    Registered Users Posts: 54 ✭✭


    Who offers the best rate for a loan to buy land. Have good credit rating. I see the credit union offer 5.5%. Would be looking for 150K.


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    #2
    sea12
    Closed Accounts Posts: 2,244 ✭✭✭sea12


    brianb243 wrote: »
    Who offers the best rate for a loan to buy land. Have good credit rating. I see the credit union offer 5.5%. Would be looking for 150K.

    Bank if Ireland between 4-5% depending on amount and security etc
    Not sure if credit union would loan that amount. It's usually twice the amount you have in your account and they hold what u have in your account. Usual loans are around 5 years with credit union. Usual land loans are 15 years


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    #3
    Mooooo
    Registered Users Posts: 8,611 ✭✭✭Mooooo


    Put your proposal together and go to different banks see what they offer. 3.5 to 6 probable range


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    #4
    realtec
    Registered Users Posts: 50 ✭✭realtec


    Just wondering if anyone has got a land purchase loan recently.. whats the best rate? I am going through the process with various banks at the moment, but I was just wondering what rate is realistic (assuming I tick all the right boxes with the bank)?


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    #5
    Keep Sluicing
    Registered Users Posts: 476 ✭✭Keep Sluicing


    realtec wrote: »
    Just wondering if anyone has got a land purchase loan recently.. whats the best rate? I am going through the process with various banks at the moment, but I was just wondering what rate is realistic (assuming I tick all the right boxes with the bank)?

    I got a loan for land in December/January time (150k mark) . Bank of Ireland at 3.66% . Land up as security


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    #6
    realtec
    Registered Users Posts: 50 ✭✭realtec


    Sounds like a reasonable rate. Thanks for the info.


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    #7
    K.G.
    Moderators, Society & Culture Moderators Posts: 3,090 Mod ✭✭✭✭K.G.


    Anyone look at fixed rates lately


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    #8
    dmakc
    Registered Users Posts: 1,012 ✭✭✭dmakc


    Some low rates here I'm getting quoted near 6 (with collateral) if I go forward. Can you switch land loan providers like you could a mortgage?


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    #9
    Bass Reeves
    Registered Users Posts: 18,274 ✭✭✭✭Bass Reeves


    dmakc wrote: »
    Can you switch land loan providers like you could a mortgage?
    Not really as with commercial loans you must pay lender's as well as your own legal fees. Last time I checked it was 2-2.5k in legal fees for the bank alone

    Slava Ukrainii



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    #10
    simx
    Registered Users Posts: 2,556 ✭✭✭simx


    Bass Reeves wrote: »
    Not really as with commercial loans you must pay lender's as well as your own legal fees. Last time I checked it was 2-2.5k in legal fees for the bank alone

    Correct AIB said would be 2-3k legal fees....5.5% interest


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    #11
    Bass Reeves
    Registered Users Posts: 18,274 ✭✭✭✭Bass Reeves


    In
    simx wrote: »
    Bass Reeves wrote: »
    Not really as with commercial loans you must pay lender's as well as your own legal fees. Last time I checked it was 2-2.5k in legal fees for the bank alone

    Correct AIB said would be 2-3k legal fees....5.5% interest
    So shop around and get it right first day

    Slava Ukrainii



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    #12
    Johnbkeane
    Registered Users Posts: 3 ✭Johnbkeane


    Keep Sluicing wrote: »
    I got a loan for land in December/January time (150k mark) . Bank of Ireland at 3.66% . Land up as security

    Hi,

    Just wondering how much did Bank Of Ireland require as a deposit with the land as security?


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    #13
    Cavanjack
    Registered Users Posts: 2,571 ✭✭✭Cavanjack


    Who’s giving the best interest rates for buying land these days. I see 3.65% quoted above. Best BOI seem to be doing is 5.5% secured.


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    #14
    Mooooo
    Registered Users Posts: 8,611 ✭✭✭Mooooo


    Go to all of em, def better than that going if secured. Like all things the one you're with all the time doesn't always give the best deal. Loyalty doesn't matter a fcuk to those lads, same as insurance etc


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    #15
    jntsnk
    Registered Users Posts: 476 ✭✭jntsnk


    Keep Sluicing wrote: »
    I got a loan for land in December/January time (150k mark) . Bank of Ireland at 3.66% . Land up as security

    10 yrs?


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    #16
    Cavanjack
    Registered Users Posts: 2,571 ✭✭✭Cavanjack


    Mooooo wrote: »
    Go to all of em, def better than that going if secured. Like all things the one you're with all the time doesn't always give the best deal. Loyalty doesn't matter a fcuk to those lads, same as insurance etc

    Is there any one else other than aib and Ulster bank?


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    #17
    Buford T. Justice XIX
    Closed Accounts Posts: 20,633 ✭✭✭✭Buford T. Justice XIX


    Cavanjack wrote: »
    Is there any one else other than aib and Ulster bank?

    BOI are doing it as well.

    But you may start the process now and you might get passed around this time next year. A friend, BOI all his life, went with AIB because his own bank were so slow in finalising the loan.


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